Exxon Takes Heat For Not Addressing Global Warming

The world's largest oil company takes heat from major state government pension fund investors for not owning up to an obligation to address global warming.

1 minute read

May 22, 2006, 10:00 AM PDT

By Irvin Dawid

"The coalition of 17 institutional investors, which includes California Treasurer Phil Angelides and Controller Steve Westly, (both gubernatorial candidates in June's Democratic primary)demanded a meeting with independent directors at Exxon Mobil to explain the company's strategy on climate change, including future investments in alternative energy.

'Companies such BP and Shell have been stepping up. Exxon Mobil has not,' Karen Greene Ross, California deputy controller for investments, said during a telephone news conference. The six other states whose pension fund trustees are participating are Connecticut, Maine, Maryland, New York, Pennsylvania and Vermont.

In March, a report by Ceres, a coalition of investor, environmental and public interest groups, ranked Exxon Mobil as tied for eighth place among 20 major oil companies for their corporate governance practices on climate change."

Thanks to Darrell Waller

FULL STORY: Oil giant pressed on global warming

Friday, May 19, 2006 in The Sacramento Bee

Energy Environment Government / Politics United States California

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